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In this video tutorial, the presenter demonstrates how to extract text from PDFs using Python. The example involves a PDF file named "lorem.pdf," which contains lorem ipsum text and has a hidden character, Waldo, within its pages. The tutorial utilizes Visual Studio Code and begins with activating a virtual environment, although it's noted that viewers can follow along without one. The presenter installs the required library, "PyPDF2," emphasizing the capitalization in the name, and proceeds to create a Python script named "pdf_extract.py." Following this, the tutorial shows how to import the library and create a PDF file reader object.